In lieu of the unearned premium reserve required on surety insurance under subsection (a) of Code Section 33-10-6, the Commissioner may require any surety insurer or limited surety insurer to set up and maintain a reserve on all bail bonds or other single premium bonds without definite expiration data, furnished in judicial proceedings, equal to 25 percent of the total consideration charged for any bonds as are outstanding as of the date of any then current financial statement of the insurer.
History. Code 1933, § 56-917, enacted by Ga. L. 1973, p. 499, § 2; Ga. L. 2019, p. 337, § 1-59/SB 132.
The 2019 amendment, effective July 1, 2019, inserted “then” near the end of this Code section.
Structure Georgia Code
Chapter 10 - Assets and Liabilities
§ 33-10-1. Assets Considered in Determining Financial Condition of Insurers Generally
§ 33-10-3. Deduction of Assets From Liabilities and Liabilities From Assets Generally
§ 33-10-5. Capital Stock and Liabilities Charged Against Assets
§ 33-10-7. Marine Insurance, Required Reserves
§ 33-10-8. Accident and Sickness Insurance, Required Reserves
§ 33-10-10. Title Insurance, Required Reserves
§ 33-10-11. Requirement of Special Reserve for Certain Bonds
§ 33-10-12. Requirement by Commissioner of Increase in Loss Reserves
§ 33-10-13. Standard Valuation
§ 33-10-14. Valuation of Investments
§ 33-10-16. Valuation of Real and Personal Property Reserves